Who needs the MicroStrategy Bitcoin of Corporations Event?
Today in a press release, the publicly traded company Marathon Patent Group announced that they had purchased $150 million worth of bitcoin.
Why did the purchase bitcoin you might be wondering?
Well, apparently it was due to the same reason that MicroStrategy did, as a treasury reserve asset.
The reason being they think it is going to outperform cash over the coming years.
The official release can be seen here:
Keep in mind that this one isn't quite the news event that the MicroStrategy purchase was for a couple reasons...
The first being that Marathon is already a bitcoin mining company, meaning that investing in bitcoin isn't much of a reach for this company.
The second being that $150 million is a far crypto from the more than $2 billion MicroStrategy now has in bitcoin.
However...
And this is a big however...
$150 million was purchased at an average price over $31k per coin, which is significantly higher than the majority of coins that MSTR purchased.
MSTR recently announced that they purchased another $10 million worth of bitcoin at an average price of $31k per coin, so from that aspect, Marathon put in 15x what MSTR did at the same price.
Reading the press release it looks very much like Marathon is making the move to juice their stock price, which is one of the major benefits MSTR saw after taking a sizable stake in bitcoin.
Time will tell if this is just another one off or the start of a major trend, but my money is on this being a major trend over the coming months.
As long as bitcoin doesn't fall out of bed, heck maybe even if it does, there will likely be many more corporations adding bitcoin as a treasury reserve asset.
Stay informed my friends.
-Doc